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 Snuck Up on Me
Market Update 8-1
by Edgar J. Steele

January 22, 2008  

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My name is Edgar J. Steele.

I admit it. Though just yesterday I told someone I expected Bernanke to act today, I didn't really believe he would, and certainly not by a 3/4-point cut on both rates, rather than just another 1/4 or 1/2 point.  I figured he would wait until the next FOMC meeting and then cut rates after all the heat he took for acting precipitously the last time he engineered a special rate cut.

And they are in there buying up futures, right and left (dollar index is down 3/4 point), too, levitating the indices so that it looks like just another day on Wall Street.  Query: will the rest of the world be fooled into not repeating what happened yesterday?  Probably.  For now.

All of my financial education, training and experience (except the most recent stuff) is useless in the face of a massively-manipulated market.  I used to understand this stuff, but that was when it was a relatively free market.  All I can see clearly now is the trend and how it all must end, the one thing that the morons running things seem incapable of perceiving!

I honestly expected to see the Dow down by 6- or 7-hundred points today. After all that happened overseas last night, who could blame them for that sort of decline? Easy call, right - let nature take its course for once and bleed a little of the pressure off?

But, nooooooooooooooooooo......WhirlyBen never has seen a macroeconomic trend he thought he couldn't fix with the direct laying on of hands.  When will this guy catch a clue?

These are very interesting times. Does Bernanke let the stock market collapse or let the dollar drift ever downward? I predict that he fill futz around like this and end up with both.

Even mainstream commentators now accept Recession and, even, mention the D word regularly, though still they refuse to foresee the dollar evaporating in a hyperinflationary fizz. Then they congratulate each other for forecasting today's state of affairs less than a year ago.  Maybe they read my book four years ago, come to think of it.

Somebody asked me for a market update the other day. "Ok," I said, "buy silver." They thought it was a joke. It wasn't.

There is nothing to update. Same game plan as before. In fact, the same as outlined in my book, so long ago.  Continue to move your pieces off the board and into physical silver and, if you must, gold coins worth at least twice their melt value. Take possession. Trust no financial company to hold silver for you, even in your name and with serial numbers.  Fractional-reserve silver exists and is increasing daily.

The only equities I would consider, for those who have pensions and IRAs that must be invested, are non-junior mining and energy stocks.  Had the market crashed today, those prices would have melted right along with everything else.  It still could happen...as early as tomorrow, too.  Yes, some would come back, but some would not.

-ed

Copyright 2008, Edgar J. Steele

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